Oyo has launched in London, and plans to launch in 10 other cities in the UK including in Manchester, Birmingham, Glasgow, and Edinburgh by 2020. In June, we reported that Oyo might have opened shop in London. Oyo will invest £40 million for the UK venture and offer Oyo Townhouses. At the moment, Oyo is available in 4 properties with 80 rooms in London and will add 5,000 rooms in the next 15–18 months.
Its UK arm will function in the same manner as the India and China ones — lease with inventory control. Oyo’s founder Ritesh Agarwal said that the UK was a multi-billion dollar opportunity for the company because it is a top travel destination and hosted over 19 million tourists last year. The company has appointed Jeremy Sanders, a British entrepreneur, to lead the UK arm. Oyo will also hire 100 “OYOpreneurs” — employees who act like entrepreneurs across the UK.
Oyo’s international presence so far
- In May, Oyo commenced operations in China with about 11,000 rooms in 26 cities
In India, Oyo has diversified from hotel aggregation to multiple verticals
- It acquired wedding marketplace Weddingz.in for access to Weddingz’s 1500 wedding events, an inventory size of 40 banquets across Mumbai and Delhi. This was following the launch of Auto Party a service where it provided event planning for weddings and other events, and offered catering, decor and event planners.
- It acquired service apartment operator Novascotia Boutique Homes to cater to corporate clients.
- It launched premium resorts as a new category on its platform.
The company has cumulatively raised around $473 million from investors. Last September, the company raised $250 million in a Series D round led by existing investor SoftBank. Following that, in the same month, Oyo also attracted an investment of $10 million from China Lodging Group Ltd.